CHEYENNE, Wyo.--(BUSINESS WIRE)--Wyoming Deposit & Transfer Corporation (WDT) is pleased to announce it was unanimously granted a new Bank Charter today by the Wyoming Division of Banking under the regulatory framework of a Special Purpose Depository Institution. WDT is the third charter of this type to receive approval.
“The new bank charter will enable Wyoming Deposit & Transfer to provide seamless commercial banking together with custodial services for a wide range of tokenized assets and digital and fiat currencies, meeting the needs of fiduciary institutions as well as small and medium sized blockchain and digital assets ventures, which are the intended audiences for Wyoming’s blockchain legislation,” stated WDT Chief Executive Officer Julie Fellows, an experienced banking executive and regulatory veteran.
“Our framework revolutionizes the way institutions and businesses transact and safely store digital assets,” Fellows said.
WDT and its leading technology partners intend to provide regulated, secure, certain, and transparent custody and transfer solutions that are required for fiduciary institutions to transact in digital assets for their clients, said WDT Chief Technology Officer Justin Culver.
“Our best-in-class technology solutions integrate qualified custody of digital assets with commercial banking solutions to enable clients to safely deposit, exchange, transfer, and custody a broad range of digital assets, including investment securities, cryptocurrencies and others, on a single platform that provides the much-needed visibility and integrated reporting,” Culver said.
Fellows said WDT executives were committed to understanding the needs of institutional clients and entrepreneurs and worked with them from the start. Their input helped WDT design product solutions to meet their needs and meet the rigorous regulatory requirements of the Wyoming Legislation and support the development of the digital asset ecosystem.
“The Wyoming SPDI Charter provides a strong regulatory framework to support the growth of digital asset banking activities,” stated Julian Sevillano, Managing Director and Head of Digital Assets Group at Promontory Financial Group, an IBM Company.
WDT also worked with state regulators to ensure compliance.
“We are pleased to have worked closely with the Wyoming Division of Banking to unite the goals of the Wyoming Legislature and regulators with the urgent need for fiduciary institution access to a qualified and regulated digital asset custodian and transfer agent,” Fellows concluded.
About Wyoming Deposit & Transfer:
Wyoming Deposit & Transfer (WDTFinancial.com) is a regulated, technology-forward financial services company which provides safe, seamless solutions through an integrated qualified custody and commercial banking platform. WDT adheres to capital adequacy, regulatory and risk management requirements, ensuring safety and security.
WDT has a leadership team with expertise in banking, risk management and regulation; technology and financial value creation; a leading technology-solution integration; and the gold standard in digital banking -- the Special Purpose Depository Institution Charter.
With its principal office in Wyoming, the digital asset bank and its clients benefit from the Wyoming legislation by providing clarity and certainty for the handling of digital assets. WDT provides the necessary infrastructure to enable fiduciaries to safely and securely access, move and store a broad range of digital assets, including cryptocurrencies, tokens and investment securities while accessing fiat currencies and payment systems globally.